IASB Formation Quiz

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Questions and Answers

The International Accounting Standards Board was formed

  • a. To establish accounting standards for multinational entities
  • b. To develop accounting standards for countries that do not have their own standard-setting bodies
  • c. To enforce IFRS in foreign countries
  • d. To develop a single set of high-quality IFRS (correct)

Which statement is true regarding managerial accounting and financial accounting?

  • a. Managerial accounting has a future focus.
  • b. Managerial accounting is generally more precise.
  • c. Managerial accounting need not follow GAAP while financial accounting must follow GAAP. (correct)
  • d. The emphasis on managerial accounting is relevance and the emphasis on financial accounting is timeliness

Which is not a purpose of the Conceptual Framework?

  • a. To provide specific guidelines for resolving situations not covered by existing accounting standards. (correct)
  • b. To assist accountants in selecting among alternative and reporting methods.
  • c. To assist IASB in the standard-setting process
  • d. To provide definitions of key terms and concepts.

A Conceptual Framework should

<p>c. Define the basic terms and concepts of accounting (C)</p> Signup and view all the answers

Which is not a purpose of the Conceptual Framework?

<p>d. To assist the Board of Accountancy in promulgating rules and regulations affecting the accountancy profession. (D)</p> Signup and view all the answers

Which is a purpose of the Conceptual Framework?

<p>d. All of these can be considered a purpose of the Conceptual Framework (D)</p> Signup and view all the answers

Which statement is not true about the Conceptual Framework for Financial Reporting?

<p>c. The Conceptual Framework is an IFRS (C)</p> Signup and view all the answers

Managerial accounting emphasizes

<p>d. Developing accounting information for use within an entity (D)</p> Signup and view all the answers

IFRIC Interpretations issued by IASB

<p>d. All of these are true about IFRIC Interpretations. (D)</p> Signup and view all the answers

The International Accounting Standards Boar

<p>b. Promotes the use of high quality and understandable global accounting standards. (B)</p> Signup and view all the answers

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